Forex Flash: EUR/USD likely to squeeze higher - RBS
Forex pairs in this Article »
EUR/USD
FXstreet.com (San Francisco) - Intraday price action set a new 7-week high for EURUSD today, pushing above resistance at 1.2475 (61.8%, 1.2748/1.2042) and stalling just 10 pips shy of the 1.2500 psychological figure.
"While EURUSD is likely to continue to squeeze higher during the run-up to the early-September ECB meeting, those gains are likely to be limited, and we remain oriented to re-establishing short EURUSD exposure, but from higher levels," comments the Royal Bank of Scotland.
If the upward momentum extends in the global day ahead, resistance lies at 1.2524 (100-day EMA), while support comes in at 1.2420 (21-hourly EMA).
"While EURUSD is likely to continue to squeeze higher during the run-up to the early-September ECB meeting, those gains are likely to be limited, and we remain oriented to re-establishing short EURUSD exposure, but from higher levels," comments the Royal Bank of Scotland.
If the upward momentum extends in the global day ahead, resistance lies at 1.2524 (100-day EMA), while support comes in at 1.2420 (21-hourly EMA).
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